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Steinhoff to appoint Mazars

Steinhoff International revealed plans at the company’s AGM in Amsterdam on 30 August 2019 to replace its auditor Deloitte with Mazars. The company said it will hold an EGM to put the appointment of Mazars to the vote.

It was Deloitte's refusal to sign off on Steinhoff's accounts for 2017 that resulted in the disclosure of serious accounting irregularities. However, Deloitte had signed off previous years’ accounts which were also flawed and the firm’s South African operation is now under investigation. Steinhoff's former leadership is also under the spotlight.

PwC had been appointed to conduct an independent investigation managed by an independent Forensic Investigation Committee. An overview of PwC’s report was released on 15 March 2019 and its findings taken into account in preparation of the 2017 and 2018 audited financial statements. The results have also been shared with various regulatory agencies and further ongoing forensic work initiated, including investigating possible claims against third parties.

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